Lagos State Government has stated that it is targeting monthly Internally Generated Revenue, IGR, of N60.31 billion for 2021.
The state has also earmarked N15 billion for the Rebuilding Lagos Project/trust fund, in the aftermath of #EndSARS destruction of Lagos in October 2020.
Commissioner for Economic Planning and Budget, Sam Egube, disclosed this on Thursday while giving the 2021 budget breakdown.
The commissioner disclosed that Total IGR for 2021 is N723.817bn, with N60.31bn to be generated monthly.
He said a significant percentage of the projected Total IGR of N512bn is expected to be contributed by Lagos Internal Revenue Service, LIRS.
“We shall achieve this by expanding the tax net by simplifying the tax process, improving our transaction taxes and the appropriate use of technology in addition to improving the work environment, training and tools of our tax administration personnel. This will improve the efficiency in operations of all revenue generating agencies.
“We believe that there are huge revenue generating opportunities in the state, including real estates, transportation sectors and our markets generally etc. We will continue to use data and intelligence to unravel revenue opportunities and leakages,” he said.
Egube said the government would continue to maintain a relative conservative posture in its projection for Federal Transfers/Receipts compared to annual run rate in 2020 in view of the production challenges within the Oil Sector by keeping our expectation at N175bn.
He disclosed that the deficit of ₦192.494bn is projected to be funded by a combination of internal and external loans.
On Science and Technology, Egube said the sum of ₦23.502bn had been budgeted for building and upgrading of IT Infrastructure Statewide, e-GIS Land automation system, Single Billing system and ease of tax payment, Levies and other Revenue enhancement initiatives.
He added that the Smart City project is targeted at deploying about 2,000 intelligent cameras in strategic locations around Lagos and leverage technology to enhance security and traffic management in the State and would also enhance revenue generating efforts.
“This administration will in addition deliver a 3000km metro-broadband fiber infrastructure around the state through an ongoing PPP initiative.
‘Furthermore, we will continue to invest in the Lagos state resident registration initiative in conjunction with NIMC to gather useful resident data and information for planning purposes.
“A total sum of N105.988bn (as against a total sum of N111.775billion in 2020) was provided for the continuous upgrading/renovation of health facilities and completion of on-going healthcare infrastructure, including Maternal and Child Care Centers (MCCs); and the continued implementation of our health insurance scheme. This represents over 23 per cent increased provision for the health sector, thereby demonstrating the administration’s determination to ensure access to health care.